Most businesses incur travel, meal, gift, and listed property expenses in the ordinary course of business. The IRS requires documentation in order to substantiate that these expenses have a legitimate business purpose and if substantiation is not present the IRS may disallow the expense altogether.
Ryan Krym is a marketer who enjoys sharing the experiences and insights of subject matter experts with audiences in and out of Minnesota. He can be contacted at rkrym@redpathcpas.com.
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